The IAS/IFRS application on the intangible assets of non-listed companies

With the introduction of IFRS （International Financial Reporting Standards） most of the intangibles are expensed on the income statement and hence they ＂disappear＂ from the balance sheet, while investments in tangible assets are capitalized. Based on a sample of 128 firms, made up of 99 SMEs （Small and Medium Enterprises） and 29 large firms, and through a simulation of IAS （International Accounting Standards） transition, the authors＇ study finds that IAS 38 reduces the amount of intangible assets recognized on the balance sheet of SMEs, while large firms do not appear to experience such large reductions in their intangible assets. The differential effect of IAS 38 on SMEs and large firms can be explained by the different growth strategies of these firm types. SMEs largely depend on internal paths of growth and intangibles assets that typically arise from internal growth strategies are eliminated from the balance sheet under IAS 38. Larger firms are less exposed to such reductions in their intangibles assets, because they mostly follow external paths of growth and the treatment of those intangible assets that typically arise from external growth strategies requires the impairment test.     

Relinking Cross‐functional Collaboration,Knowledge Integration Mechanisms,and Product Innovation Performance: a Moderated Mediation Model

Previous research shows that knowledge integration mechanisms (KIMs) mediate the cross‐functional collaboration‐product innovation performance relationship; however, this mediating effect seems to be rather weak. This study, in contrast, develops a moderated mediation (MOME) model to argue that such a mediating effect is moderated by product innovativeness. A sample comprised of 106 manufacturing firms is utilized in the analyses. A moderated‐mediation approach shows that the mediating effect of KIMs in the linkage between cross‐functional collaboration and product innovation performance varies by different perspectives of product innovativeness. From an industry (macro‐level) perspective, product innovativeness positively moderates the mediating effect of KIMs on product innovation performance; in contrast, such a moderating effect is not significant under a firm (micro‐level) perspective. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd.     

More on public information and stock price

In a recent issue of this journal [2] McCain and Millar examined whether “favorable” and unfavorable” stock analyses appearing in the Wall Street Journal column “Heard on the Street” could be used to predict one-day, seven-day, and six-month price movements of the affected stocks. In this note we question the conclusions of that study based upon methodological grounds.     

Personal characteristics of salespeople and the attractiveness of alternative rewards

How do personal characteristics of salespeople affect their desire for the various rewards available to them? Do younger salespeople desire different types and levels of rewards than older salespeople? Are there differences due to job tenure, marital status, family size, and so forth? In this article, the authors attempt to answer these questions. Based on an extensive investigation of the industrial sales forces from two large companies, the authors examine the relationship between personal characteristics and the sales force's valence for various rewards. Although some of the findings are consistent with current sales management practices, some are not, suggesting that present day thinking with respect to the design and administration of rewards may need more careful scrutiny.     

IMPACT OF DIVIDEND‐PROTECTED EMPLOYEE STOCK OPTIONS ON PAYOUT POLICIES: EVIDENCE FROM TAIWAN

Abstract. This study used a sample of 1035 Taiwanese firms to examine the impact of dividend protected employee stock options on stock repurchase and cash dividend policies from 2000 to 2005. This study finds a positive relationship between cash dividends and executive options, implying that executives holding stock options might prefer to distribute cash dividends to boost the stock price. This result, unlike in earlier studies, arises from the dividend protected characteristic of Taiwanese employee stock options. Finally, free cash flow, firm profitability, level of debt, investment opportunities and firm size are found to considerably influence payout decisions.     

Analyzes on overseas investment way of the oil-gas field enterprise

Investment overseas for Chinese oil and gas enterprises can help them find more stable sources of oil, diversify oil import, and disperse oil supply security. It is an important means of oil security and also can enhance oil company＇s international competitiveness. Selection of the pattern plays an important role. So while making decision, investment pattern＇s features and influencing factors must be considered.     

欧洲的跨国并购及对我国的启示

本文研究了欧洲统一市场形成以来的跨国并购行为,重点分析了欧洲跨国并购的特点以及短期和长期的影响,在此基础之上对我国的竞争政策提出了建议。     

Proactive personality and work performance in China: The moderating effects of emotional exhaustion and perceived safety climate

Grounded in the interactionist paradigm, this study shows that emotional exhaustion and perceived safety climate constitute important moderators of the relationship between proactive personality and work performance. More specifically, the study analyzes the relationship between proactive personality and its behavioural outcomes—organizational citizenship behaviour (OCB) and job performance—and investigates the interactive effects of emotional exhaustion and perceived safety climate. The study involves 485 Chinese airline employees including pilots, flight attendants, engineers, and service employees. Proactive personality positively predicted OCB and individual performance. Emotional exhaustion and perceived safety climate moderated the relationship between proactive personality and individual performance both independently and jointly. Implications of the findings for future research are discussed. Copyright © 2009 ASAC. Published by John Wiley & Sons, Ltd.     

Salary increases for the marketing executive

This article discusses how marketing executives view their pay raise. A study of 491 marketing executives examined their views on what is a meaningful salary increase and the reasons why their companies give pay raises.     

The Sophisticated and the Simple: the Profitability of Contrarian Strategies

A variety of variables have been used to form contrarian portfolios, ranging from relatively simple measures, like book‐to‐market, cash flow‐to‐price, earnings‐to‐price and past returns, to more sophisticated measures based on the Ohlson model and residual income model (RIM). This paper investigates whether: (i) contrarian strategies based on RIM perform better or worse than those based on the Ohlson model; (ii) contrarian strategies based on more sophisticated valuation models (e.g. Ohlson and RIM) perform much better than the relatively simpler ranking variables that have been used so extensively in the finance literature. Given that the RIM and Ohlson models require greater information inputs and technical know‐how, and make different implicit assumptions on future abnormal earnings, it is important to ascertain if they offer significantly greater contrarian profits to outweigh the increased costs that they entail. Indeed, our surprising finding is that simple cash flow‐to‐price measures appear to do almost as well as the more sophisticated alternatives. One would have expected the sophisticated models to significantly outperform the simple cash flow to price model for the reasons given by Penman (2007) .